成本会计—借入和贷出.pptVIP

We learned using all the money to invest riskless securities, or to invest risky securities. But if I want to invest riskless and risky securities at the same time, how to analyze? We learned using all the money to invest securities. But if I want to invest part of my money, or borrow more money to invest, how to analyze? Riskfree asset Allowing for riskfree lending Allowing for riskfree borrowing Allowing for both riskfree lending and borrowing What is riskfree asset? when you buy the asset at the beginning of a holding period, you know its value for the end of holding period. This asset is riskfree asset. For example You just bought a ten-years treasury with the face value of $1000. You paid for $700 at the issuing time. And you wanted to hold for five years, then you will sell it out. For this treasury, is it your riskfree asset? For example if you wanted to hold for ten years, then you can get the face value. For this treasury, is it your riskfree asset? If you construct a portfolio of a riskfree treasury and a risky stock. How to decide the best proportion? If you construct a portfolio of a riskfree treasury and a risky portfolio. How to decide the best proportion? Also, we can use the 3 steps to find it. For example You choose riskfree treasury A and stock B as your portfolio. The best proportion will be? Step 1, find the feasible set. Step 2, find the efficient set. Step 3, find the best proportion. Step 1, find the feasible set to find the relationship between the portfolio’s return and standard deviation. Page 220, 4;6;7 For example You choose riskfree treasury A , a risky portfolio of stock B and stock C (the correlation is 0.2) The best proportion will be? Step 1, find the feasible set. Step 2, find the efficient set. Step 3, find the best proportion. First, we know the risky portfolio’s feasible set is like this: Then , how to find the total portfolio’s feasible set? Firstly, make sure the risky portfolio’s proportion. Secondly, consider